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First Security adds IRA calculator to Net to help clients use new law

To help taxpayers take advantage of changes in the 1998 tax laws, First Security Bank has added an individual retirement account calculator to its Web site (www.firstsecuritybank.com).

Bob Hatch, president of community banking for First Security, said tax law changes have renewed consumer interest in IRAs this year. Between the tax law changes and the first wave of 76 million baby boomers reaching retirement age in 15 years, annual contributions to IRAs are expected to triple to $20 billion this year.Hatch said the Taxpayer Relief Act of 1997 created new types of IRAs, including the Roth IRA, named after Sen. William V. Roth Jr., who sponsored the legislation.

The Roth IRA allows taxpayers to contribute up to $2,000 annually toward retirement like traditional IRAs, but it also features tax-free withdrawals, provided a minimum building period and certain other requirements are met.